As for themes in the quarter, he writes investors will be looking at which companies will be next in returning incremental capital to shareholders--he thinks Anadarko, Cabot Oil & Gas (COG), Conoco, Devon Energy (DVN), and Marathon. In addition, the Permian will remain in focus: Stocks relate tot his basin have been punished due to worries about a bottleneck. Featherston thinks that Occidental Petroleum (OXY), Pioneer, WPX Energy (WPX), Diamondback Energy (FANG) and PDC Energy (PDCE) as "s best positioned to withstand widening Permian oil basis differentials."

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